Resources - 123 Income Tax Inc.

What You Need to Know About the Child Tax Credit

What is the Child Tax Credit? The CTC is a tax credit for parents of dependent children designed to help...

Your Crypto and Invesment Is Taxable in 2024

If you invested in crypto last year, you may be in for a rude awakening this tax season. Yes, your...

When Are 2024 Tax Payments Due?

If you're self-employed or don't have taxes withheld from other sources of taxable income, it's up to you to periodically...

Did You Earn Tip Income That May Now Qualify for Tax Benefits? Here’s What You Need to Know

If you earned tip income this year, you may be wondering how it affects your taxes and whether you qualify...

Did You Buy, Sell, or Receive Cryptocurrency, NFTs, or Digital Assets?

When preparing a tax return today, one of the most important questions taxpayers must answer involves digital assets. The Internal...

Doing Your Taxes When You Owe Student Loans: What You Need to Know

If you’re one of the millions of Americans with student loan debt, tax season might bring up some questions about...

What Happens If You Don’t File Taxes?

Filing your taxes is a responsibility most people must fulfill every year. However, some individuals may wonder what happens if...

Did Your Income or Filing Status Change This Year? Here’s What You Need to Know for Tax Season

If your income or filing status changed this year, it can have a significant impact on your tax return. Many...

Why Do We Pay Taxes?

Generally, people don’t like paying taxes. When their paycheck comes, they see that a large amount of money is taken...

Should You File Taxes at 18? Here’s What You Need to Know

Turning 18 comes with new responsibilities—voting, managing your finances, and yes, potentially filing taxes. If you're wondering whether you need...

Did You Receive a 1099-K Form? Here’s What It Means for Your Taxes

If you received a 1099-K form this tax season, you are not alone. Millions of taxpayers are now receiving this...

What to Do If You’re Behind on Your Tax Payments

Falling behind on your taxes can feel overwhelming, but ignoring the problem will only make it worse. The good news?...

How Long Do I Have to Wait Until I Get My Tax Refund in 2024?

We’ve based these timelines on historical data noting that most refunds will be issued by the IRS in less than...

Get ready for the 2024 tax season

The 2024 tax filing season is over, but planning ahead can save you money and headaches. If there are any...

Taxes for Students: What You Need to Know

If you’re a student, taxes might not be at the top of your to-do list. Between classes, exams, and part-time...

How will the expanded child tax credit affect me?

For 2024, the total credit for eligible families rose to as much as $3,600 for each child under 6 and...

Apply Online for a Payment Plan

If you are a qualified taxpayer or authorized representative (Power of Attorney) you can apply for a payment plan (including...

Major Tax Changes for 2024

Tax Brackets Increase for All Filing Statuses Your federal taxes are calculated based on the tax brackets for your filing...

Did You Sell Stocks, Real Estate, or Investments? Here’s What You Need to Know for Tax Season

If you sold stocks, real estate, or other investments this year, it’s important to understand how these transactions affect your...

Why You Should Hire a Tax Professional Like 123IncomeTaxInc

Taxes can be confusing, stressful, and time-consuming. Whether you're filing as an individual or a business, trying to navigate tax...